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Shares in India's IDFC Ltd surged as much as 8.8 percent on Thursday after the central bank granted a preliminary bank licence to the infrastructure sector lender, one of the two firms to get the approval.

However, shares in other major applicants that did not get licences at this stage slumped, with LIC Housing Finance falling as much as 6.7 percent and L&T Finance Holdings Ltd sinking 10.5 percent. Some analysts warned that the RBI could go slow in granting more approvals.